Wallet Cash Image by bluebudgie from Pixabay Ahead of Xerocon London, NatWest has announced a new integration with Xero. Its purpose is to offer SMEs access to NatWest Rapid Cash Service direct from Xero. The service was first launched in July  to provide businesses with a flexible line of credit. The credit is covered by existing invoices up to £500,000 according to the press release. The original launch indicated the maximum amount is £300,000.

Seamless integration between Xero and Rapid Cash

Using the Xero marketplace app users are able to connect to Nat West and rapidly access the line of credit. NatWest is not charging any arrangement fees or fixed monthly repayments. Instead it will offer variable rates of between (4.5% + base rate) and (8%+ base rate). Amounts above £300,000 attract a slightly lower rate of interest and have an arrangement fee. The process is entirely digital once connected users only need to sign into Xero to access the credit line. Contracts to confirm the line of credit are also signed electronically. NatWest claims that this is the first working capital product this deeply integrated into Xero available in the UK.

Andy Ellis, Head of NatWest Ventures, said: “We’re pleased to be able to begin offering our innovative new services, such as Rapid Cash, to users of Xero from today. Businesses increasingly tell us that they want simple, easy access to our products and services. By offering our solutions directly through the platforms that customers use to manage their business day to day, we’re making it easier for them to get the support they need – whether that’s funding, products or our expert advice.’

Edward Berks, Director of Platform Business, UK & EMEA, Xero (Image credit Linkedin)
Edward Berks, Director of Platform Business, UK & EMEA, Xero

With Xerocon London about to start, the timing is clever as it should capture the attention of accountants and users alike. For companies that can sometimes struggle with late payments this, at a cost can ease the cash flow burden and ensure bills and salaries are paid on time. Edward Berks, Director of Platform Business, UK & EMEA, Xero, said: “Small businesses have historically fallen behind larger firms in accessing the best financial services. This means they often struggle to access capital which can threaten their very existence. So it’s great to see the playing field level out through innovations such as NatWest Rapid Cash.”

Enterprise Times: What does this mean

NatWest is trying to modernise its banking services for small businesses. As they are adopting Xero and other cloud based applications NatWest realises that to get closer it needs to integrate to the these software applications. Rapid Cash is already available for users of FreeAgent, an accounting application targeted at UK SME’s and Sole Traders. NatWest acquired FreeAgent in2018.

Rapid Cash is also available to users of Netsuite, Quickbooks, Sage and KashFlow. Though NatWest has not yet developed the seamless integration with these. The new feature is available now. With Nat West sponsoring Xerocon, users should be able to find our more details at the event.

 

LEAVE A REPLY

Please enter your comment!
Please enter your name here